1) Indicate whether the following statements about the balancesheet of a corporation are true or false:
(a),Assets list all the valuable things owned by the entity
(b),The amount reported for the paid-in capital item isapproximately the fair value of the stock
(c),The amount reported for total equity is approximately thefair value of the corporation’s stock
(d),Total equities (also called “net worth”) show approximatelywhat the entity is worth
(e),Retained earnings is the amount of cash retained in theentity
A balance sheet does not report all the facts about a business.What concept limits the amount or type of information that can bereported?
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